What’s Ahead For Mortgage Rates This Week – August 8, 2016

Last week’s economic reports included construction spending, personal income, and multiple reports on employment. Freddie Mac’s mortgage rates survey and new jobless claims were also released.

Construction Spending Dips in June

According to the Commerce Department, construction spending fell in June to -0.60 percent as compared to expectations of an increase of 0.50 percent and May’s reading of -0.10 percent. Spending was even across public and private construction spending. The Commerce Department said that construction spending on June rose to $1.13 trillion was 0.30 percent year-over-year and was 6.20 percent higher for the first six months of 2016 as compared to the same period in 2015; construction spending appears to be trending upward in spite of recent month-to-month declines.

Consumer spending rates in June met expected growth of 0.40 percent and matched May’s reading. Core consumer spending fell to 0.10 percent in June according to expectations, which were based on May’s reading of 0.20 percent.

Labor Reports Indicate Stronger Economy

Inflation remains lower than the Federal Reserve’s annual rate of 2.00 percent, but labor news released last week supports reports of strengthening economic conditions. ADP Payrolls, which covers private-sector job growth, reported 179,000 jobs added in July as compared to June’s reading of 176,000 jobs added.

Non-farm payrolls grew by 255,000 jobs as compared to expected growth of 185,000 jobs. Neither July’s reading nor did expectations of 185,000 jobs added meet June’s reading of 292,000 jobs added, but analysts and media reports touted private and public sector job growth as a strong indicator of economic recovery.

The national unemployment rate held steady at 4.90 percent against expectations of 4.80 percent and June’s reading of 4.90 percent. Analysts said that this reading was better than it appeared due to more people joining the work force in July.

Mortgage Rates Lower:Jobless Claims Rise

Mortgage rates fell across the board last week according to Freddie Mac. 30-year fixed rates averaged 3.43 percent, which was five basis points lower than the previous week. Average rates for a 15-year fixed-rate mortgage fell by four basis points to an average of 2.74 percent. The average rate for a 5/1 adjustable rate mortgage fell five basis points to 2.73 percent.

New jobless claims rose to 269,000 against expectations of 263,000 new claims and the prior week’s reading of 266,000 new claims. There’s good news; new jobless claims remained below the key reading of 300,000 for the 74^th consecutive week.

What‘s Ahead

This week’s scheduled economic news includes releases on retail sales and consumer sentiment along with weekly reports on new jobless claims and mortgage rates.

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1941 E Ellis Drive Tempe, AZ 85282

$599,000

4 Beds

2 Baths

2,456 SqFt

Status Active

MLS # 6753630

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully updated property features 4 spacious bedrooms and 2 modern bathrooms, offering a perfect blend of style and comfort. Key Features: New Kitchen: Enjoy cooking in a sleek kitchen with soft-closing white shaker cabinets, elegant quartz countertops, and a chic white backsplash. Elegant Finishes: The home boasts new LVP flooring, 5-inch modern baseboards, and contemporary light fixtures throughout. Luxurious Bathrooms: Both bathrooms have been newly tiled and feature stylish vanities. Master Suite: Relax in the master bedroom with a spacious walk-in closet. Cozy Living Spaces: The family room is complete with a charming fireplace, perfect for cozy gatherings. Additional Amenities: The garage comes equipped with plenty of cabinets for Location: Conveniently situated between the 101, 60, and 10 freeways, this home is close to shopping, dining, and entertainment options, offering both comfort and accessibility. Don't miss out on this move-in-ready gem!

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1326 N Central Avenue Unit 411 Phoenix, AZ 85004

$599,000

2 Beds

2 Baths

1,655 SqFt

Status Active

MLS # 6758669

Property Type Apartment

Price Type --

Highly sought after 3-level loft, 2 bed/2 bath plus office/den in an award-winning building with the perks of urban living. Refined minimalist design with industrial touches throughout the unit. Must be seen to be fully appreciated. Take in amazing views of the North and West Valley through the expansive picturesque windows, and enjoy sunsets from the private rooftop deck with a spectacular downtown view. Located within walking distance to the light rail, Margaret T. Hance Park, and Central Library. Situated directly south of the Phoenix Art Museum and north of Downtown. Art, recreation, sports, music, and the incredible city dining scene just outside your doorstep!

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44449 W Canyon Creek Drive Maricopa, AZ 85139

$599,000

5 Beds

3 Baths

3,930 SqFt

Status Active

MLS # 6759318

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly desirable Cobblestone subdivision of Maricopa! This stunning 5-bedroom, 3-bathroom residence spans 3,929 sq.ft. of nicely upgraded living space. The modern kitchen boasts sleek stainless steel appliances, beautiful quartz countertops, kitchen island and lots of storage. Upstairs you'll find spacious loft and oversized bedrooms for all the guests or family. Step outside into your expansive backyard oasis, complete with a built-in grill, Blackstone griddle and PIZZA OVEN, with a large SPARKLING HEATED POOL AND SPA —ideal for Arizona's sunny days and cool evenings. With ample space, luxurious features, and a prime location, this home offers everything you need for comfort and style. Don't miss the chance to make this your forever home

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1014 S 2nd Street Phoenix, AZ 85004

$599,000

4 Beds

3 Baths

1,897 SqFt

Status Active

MLS # 6759017

Property Type Single Family Residence

Price Type --

This property features two separate homes, each with its own private ingress and egress, making it ideal for rental income or living in one and renting out the other. Both homes are enclosed with block wall privacy. The front home offers 2 bedrooms and 2 bath. While cozy, it has been updated with tile flooring, a fully tiled tub surround, and an all-tile shower in the second bath. Dual-pane windows throughout improve energy efficiency. The rear house is newer, with 2 bedrooms, 1 bath and 1,008 sqft of living space. Together, the two homes provide almost 2,000 sqft of total living area. Conveniently located very close to Chase Field, Footprint Center, major freeways and all of what downtown Phoenix has to offer!

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3267 Huckleberry Way Wickenburg, AZ 85390

$599,000

2 Beds

2 Baths

1,700 SqFt

Status Active

MLS # 6759265

Property Type Single Family Residence

Price Type --

Magnificent view of 13th Green on the Championship Course! Step thru the front door into this highly upgraded Beacon Floor Plan. From tile throughout the home to the stunning kitchen granite counters this home has everything. SS appliances, large center island, pull out shelving for the soft close cabinet doors, elegant pendant lights for entertaining guests. Primary w/same granite counters, dual sinks & Walk-in closet. Great room with multi-sliding glass door leads you out to the amazing extended patio and views. This floor plan comes with a separate Den and Guest Suite w/Hall Bathroom. Stop by today to make this once in a lifetime your next home!

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1524 E Dublin Street Gilbert, AZ 85295

$599,000

4 Beds

3.5 Baths

2,410 SqFt

Status Active

MLS # 6768551

Property Type Single Family Residence

Price Type --

This gorgeous 4-bedroom, 3.5-bath home in the heart of Gilbert is truly a gem! From the moment you walk in, you'll be captivated by the elegance and thoughtful upgrades throughout. The executive kitchen is a chef's dream, complete with high-end appliances, sleek countertops, and plenty of cabinet space for all your culinary needs. The spacious primary suite has been extended and upgraded, featuring two generous walk-in closets and a luxurious soaking tub, perfect for unwinding after a long day. A private casita offers a perfect retreat for guests, in-laws, or a home office. Enjoy indoor-outdoor living with the expansive extended patio slider doors, allowing for seamless flow to the backyard, ideal for entertaining. Enjoy the beautiful sparkling community pool and local parks. Come view!

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26205 S Beech Creek Drive Sun Lakes, AZ 85248

$599,000

3 Beds

2 Baths

1,971 SqFt

Status Active

MLS # 6763105

Property Type Single Family Residence

Price Type --

Step into a home where sophistication meets comfort. The custom-designed fireplace sets the tone in the expansive great room—perfect for both intimate gatherings and grand entertaining. This home is better than new, boasting brand-new floors and windows throughout, with meticulous attention to detail at every turn! The heart of the home, the gourmet kitchen, is a chef's dream. Featuring top-of-the-line KitchenAid and Bosch appliances, drawer microwave, dual ovens, induction cooktop, custom drawer organization for all your kitchen utensils, stunning custom quartz countertops, and a massive island that provides ample seating. The flat-panel European-style cabinets are sleek and modern, beautifully complemented by designer lighting. Retreat to the luxurious master suite, where relaxation awaits. The master bathroom boasts a bespoke vanity with a dedicated makeup area, a spacious walk-in shower with a bench, and no-step entry for ultimate convenience. The serene bedroom offers a peaceful view of the private backyard, perfect for unwinding after a long day. The open-concept living area flows seamlessly into a formal dining space, ideal for hosting dinner parties or family meals. Step outside to a backyard that's made for Arizona living. The newly epoxied patio is ready for you to enjoy cool winter evenings under the stars. This stunning home is an entertainer's dream and a peaceful retreat all in one. NEW ROOF AND AC! Don't miss your chance to own this beautifully reimagined property!

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4734 E Verbena Drive Phoenix, AZ 85044

$599,000

4 Beds

2 Baths

1,890 SqFt

Status Active

MLS # 6761591

Property Type Single Family Residence

Price Type --

Beautiful home in Ahwatukee Foothills Community. Amazing 4 bed single level home 3 car garage, pool/spa. With a granite kitchen island, extensive custom cabinets with pull-outs, an eating nook with a big picture window. Kitchen overlooks the family room & beautiful travertine tiles & freshly painted throughout. Enjoy private pool with spa in this great entertainers backyard. Mature trees and lovely landscape to this yard giving a feeling of the outside peacefulness. Home also has a soft water loop. It's conveniently located near I-10 for access to anywhere but also within the bounds of Ahwatukee and all it has to offer. It's also just a few miles from Pecos Park, which has pools, water slides, 16 pickleball courts, basketball, soccer, volleyball, walking paths and more!

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4046 E Agave Road Phoenix, AZ 85044

$599,000

5 Beds

3 Baths

2,302 SqFt

Status Active

MLS # 6761563

Property Type Single Family Residence

Price Type --

Luxury remodel in a premier location!!! Stunning 5 bed/3 bath with soaring 18ft ceilings and gorgeous new flooring throughout. Highlights: *In-laws suite downstairs, plus 2nd bedroom. Full bath downstairs. *Massive 5ft x 1ft porcelain tiles from Italy mimic white oak wood on first floor. *Elegant engineered hardwood stairs lead to plush new carpeting upstairs. *Gourmet kitchen with quartzite counters, marble backsplash, and stainless appliances. *Jaw-dropping primary bath with 9ft x 3.5ftx10ft H tiled shower; nicknamed The Car Wash Shower. * 4 mitered quartzite counters in all 3 full bathrooms. Laundry conveniently located upstairs. *Fresh interior/exterior paint provides move-in ready luxury. *Coveted neighborhood near I10, 202, 60, downtown Phoenix, ASU, top public and charter schools like Basis. *Amenities galore at Mountain Park HOA- 3 Olympic size pools, jacuzzi, pickleball, tennis and sand volleyball courts, walk and bike paths, hiking. Great shopping nearby- Phoenix Premium Outlets, RH Outlet, Marshalls, Costco, AZ Mills Mall, Sprouts, Frys, Home Depot, Lowes. Call today!

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11021 W Buchanan Street Avondale, AZ 85323

$599,000

5 Beds

2.5 Baths

2,830 SqFt

Status Active

MLS # 6764601

Property Type Single Family Residence

Price Type --

An AMAZING OPPORTUNITY for a spacious NEW HOME in a FAMILY FRIENDLY COMMUNITY near the heart of New Downtown The BLVD in Avondale. Seller will consider up to a 3% allowance towards buyer's closing costs/rate buy down with a full price offer. Expansive community green belt on one side gives the feel of a corner lot with extra privacy. Luxurious upgraded kitchen with GE Profile appliances and quartz countertops. Huge master bedroom with a private retreat space, beautiful custom built-in closet and large shower. 2 bedrooms with a Jack-and-Jill bathroom. 2 flex rooms that can turn into extra bedrooms, guest spaces, playrooms, or home offices. Additional Interior Features: Ceramic tile flooring, Hunter ceiling fans with remotes and custom motorized blinds throughout the home. Future school planned next to the community for families. Additional Interior Features: Ceramic tile flooring, Hunter ceiling fans with remotes and custom motorized blinds throughout the home. Additional Exterior Features: Insulated 3-car garage, Tankless Hot Water Heater, Pre-Plumbed utility sink and Soft Water loop.

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4780 Starlight Drive Happy Jack, AZ 86024

$599,000

3 Beds

2 Baths

1,401 SqFt

Status Active

MLS # 6769681

Property Type Single Family Residence

Price Type --

Welcome to your cozy getaway, where modern comforts meet rustic charm in a captivating single-family haven. Nestled amidst beautiful trees on a desirable lot with graveled circular drive, this home offers the perfect escape without compromising conveniences. Step inside this cozy sanctuary and be greeted by the warmth of tongue and groove ceilings and walls, coupled with the open, airy feel of vaulted ceilings, creating an inviting atmosphere throughout. This creatively designed home includes 2 bedrooms and a bath downstairs, as well as a loft/bedroom upstairs with a bathroom and balcony, ideal for both entertaining guests and relaxing after a long day.The open-concept living area is a true centerpiece, featuring a stunning fireplace that anchors the room and offers a perfect escape without compromising conveniences. Step inside this cozy sanctuary and be greeted by the warmth of tongue and groove ceilings and walls, coupled with the open, airy feel of vaulted ceilings, creating an inviting atmosphere throughout. This creatively designed home includes 2 bedrooms and a bath downstairs, as well as a loft/bedroom upstairs with a bathroom and balcony, ideal for both entertaining guests and relaxing after a long day.The open-concept living area is a true centerpiece, featuring a stunning fireplace that anchors the room and offers a perfect sitting area to watch the beautiful flames with a glass of wine, perfect for cozy evenings in. Transition effortlessly from indoor to outdoor living with the expansive deck, surrounded by great trees that provide a serene and picturesque backdrop. Enjoy outside dining, morning coffees, or simply unwind while taking in the beauty of your natural surroundings .The kitchen is accented with modern conveniences, including recessed lighting that enhances the chic and functional design ideal for crafting culinary delights as you entertain. a built-in wine cooler, reach in pantry and a breakfast bar. Storage and organizational needs are effortlessly met with a detached garage, providing ample space for vehicles and hobbies alike.This gem at Starlight Drive promises more than just a home; it's a lifestyle of tranquility with the convenience of modern living. Don't miss your opportunity to own this unique property that blends comfort, style, and nature creating the perfect setting for cherished memories. This home is great for a weekend getaway or full time living. Escape the heat and come watch the wildlife from your deck, jump in your side by side or go for a hike.

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19733 N 79th Avenue Glendale, AZ 85308

$599,000

4 Beds

2 Baths

2,272 SqFt

Status Active

MLS # 6769879

Property Type Single Family Residence

Price Type --

Charming single-story home with a spacious, open-concept layout and high ceilings, offering an abundance of natural light and elegant tile flooring throughout. Original owners have lovingly maintained the property ideal for hosting gatherings, this home boasts an extended, covered patio and a serene garden-like backyard. The generous primary suite features a separate tub and shower, a private water closet, and a large walk-in closet. A well-designed split floor plan includes 3 additional bedrooms and a full bathroom. The exterior was freshly painted this year, enhancing its curb appeal. The three-car garage is equipped with insulated door and ample storage cabinets. Conveniently located near golf courses, lakes, parks, and easy access to freeways, shopping, and medical facilities.

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